Orkla India, owner of food brands MTR and Eastern, filed preliminary filings for the initial public offering (IPO) with the Securities and Exchange Commission of India (SEBI) on Tuesday.
According to the submitted draft Red Herring prospectus (DRHP), the public offering will be a complete offer of 228 million shares. The shares will be sold by promoters Orkla Asia Pacific Pte Ltd and shareholders Navas Meeran and Feroz Meeran.
Currently, Orkla Asia Pacific Pte Ltd and its parent company Norwegian Industrial Group Orkla Asa holds a 90% stake in Orkla India. The remaining 10% are also owned by Navas Meeran and Feroz Meeran.
Since the IPO is OFS, the company will not receive any funds from the issue, which means that all proceeds will be handed over to the sales shareholder.
Orkla India, formerly known as MTR Foods, is a diverse Indian food company. It produces a range of packaged foods, including spices, ready-to-eat meals and breakfast blends from brands MTR, Rasoi Magic and Eastern.
A report by Technopak estimates that the market value of Indian packaged food is Rs 11.18 crore, with an annual growth rate of 10.8% since the fiscal year.
Who is brlms?
ICICI Securities, Citigroup Global Markets India, JP Morgan India and Kotak Mahindra Capital Company serve as lead managers of the IPO.
